Waddill William D. 4

What Happened

• William D. Waddill, a director of Protagonist Therapeutics (PTGX), exercised stock options and sold shares on June 23, 2026. The Form 4 shows an exercise (transaction code M) for 9,000 shares at an exercise price of $16.54 (cost $148,860) and an open-market sale (S) of 9,000 shares at a weighted average price of $117.94 for gross proceeds of $1,061,460. The filing also reports a separate derivative disposition of 9,000 shares at $0.00 (reported as M/disposed) related to the option transactions.
• This sequence—exercising options and selling the resulting shares the same day—is commonly a cashless or sell-to-cover style transaction (exercise followed by sale), though the filing’s footnotes should be consulted for exact mechanics.

Key Details

• Transaction date: June 23, 2026; Form 4 filed June 25, 2026 (timely — within the 2-business-day window).
• Exercise: 9,000 shares at $16.54 per share (total exercise cost $148,860).
• Sale: 9,000 shares sold at a weighted average price of $117.94 (gross proceeds $1,061,460); sale prices ranged from $117.00 to $119.07 (per footnote).
• Additional reported disposition: 9,000 shares at $0.00 (reported as a derivative disposition on the Form).
• Footnotes: F1 — transactions were executed under a 10b5-1 trading plan adopted Feb 27, 2026; F2 — weighted-average sale price and price range; F3 — the options exercised were fully vested.
• Shares owned after the transaction: not specified in the provided excerpt — see the Form 4 for the reporting person’s post-transaction holdings.

Context

• This is an option exercise immediately followed by a sale — a routine insider liquidity event rather than an outright open-market buy (purchases typically signal a stronger bullish signal).
• The 10b5-1 plan note indicates the sales were pre-arranged under a rule-based trading plan, which often limits the ability to infer the director’s short-term view of the stock.